Several apartment transactions ran through the Greater Memphis Area multifamily market recently, though none have topped the $ 43.6 million sale price ringed in by the 500 - unit Riverset recently
The total value
of apartment transactions has nearly quadruped over that stretch, rising from $ 23 billion in 2002 to $ 51 billion in 2004 and $ 90 billion last year.
According to CoStar, cap rates on
all apartment transactions averaged 6.9 % in the third quarter, a decline of 80 basis points from a year earlier.
In Miami, 77 % of
the apartment transactions in the past year involved sales to condo converters.
Since 1998, we have provided extensive and detailed apartment market research and our agents have brokered more than 1,000
apartment transactions.
«Many investors have a strong desire to place larger amounts of capital, so bigger deals are generating increased interest,» said Granade; his group has closed three
apartment transactions of $ 50 million or more in the last month.
In the first quarter of 2007, about $ 20 billion in
apartment transactions were recorded in the U.S. compared with $ 26 billion in first - quarter 2006, according to data researcher Real Capital Analytics.